Key Highlights

• There was a recovery initiated in ETH price above $125 against the US Dollar, which is a positive sign.
• There is a bearish trend line with resistance at $164 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
• On the downside, there is a key support formed around the $138-140 levels.

Ethereum price recovered well against the US Dollar and Bitcoin, and now ETH/USD is placed well above a major support area at $138-140.

Ethereum Price Trend Line Resistance

It was a roller coaster ride for ETH price against the US Dollar, as it dipped towards $100 and then recovered sharply. After a harsh downside move at $98.35, the price started a recovery. It moved above the 23.6% Fib retracement level of the last decline from the $203.45 high to $98.35 low to initiate a bounce back. The best past was ETH moving above the $138-140 resistance.

The stated $140 zone is a major pivot area, and a close above it is very positive. The price has also moved above the 50% Fib retracement level of the last decline from the $203.45 high to $98.35 low. At the moment, there is a bearish trend line with resistance at $164 formed on the hourly chart of ETH/USD. It is acting as a hurdle around $165. Moreover, the 100 hourly simple moving average is also at $164.

We need a close above the 100 hourly simple moving average or $165 for further gains in the near term. The next hurdle on the upside could be at $178. It coincides with the 76.4% Fib retracement level of the last decline from the $203.45 high to $98.35 low. On the downside, the most important buy area is near $138-140, which holds the key going forward.

Hourly MACD – The MACD is currently flat, and waiting for the next move.

Hourly RSI – The RSI is now above the 50 level.

Major Support Level – $138.00

Major Resistance Level – $165.00

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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